You can't quit, you're fired!
President Trump and the CEOs on his manufacturing council were pitted against each other in a race to see who could end the council first. After Merck & Co. (MRK) CEO Kenneth Frazier stepped down from the council in response to the president's controversial comments about the violence in Charlottesville, other leaders on the council have been bailing out as well.
Among the last to defect was General Electric (GE) CEO Jeff Immelt, who reportedly quit just before Trump tweeted that he was disbanding the council.
But bad blood between the White House and some of the nation's biggest companies doesn't seem to be impacting stock prices. That's especially apparent in infrastructure stocks, which have been enjoying a major shot in the arm as investors expect a major push for infrastructure projects from President Trump.
Then again, there is at least one pretty major exception to that rule.
Today, we'll take a closer look at both situations shaping up in three major infrastructure-related stocks -- and how to trade them.
U.S. Steel Corp.
Up first on the list is steel producer U.S. Steel Corp. (X) . U.S. Steel started off 2017 by giving back all of the upside shares had enjoyed following the election. But the primary trend in this stock shifted in mid-May, and shares have been bouncing their way higher in a well-defined uptrend ever since.
Now, U.S. Steel is moving higher in an uptrending channel, a trading setup that defines the high-probability range for shares to stay within. Since bottoming back in May, shares have caught a bid higher at every test of trendline support. In other words, U.S. Steel is a "buy the dips" stock right now.
The 50-day moving average has been a perfect proxy for support since July. That makes it a logical place to park a protective stop below.